What’s at Stake? A CPA’s Insights into the Federal Government’s Finances

Published August 15, 2012

The American Institute of CPAs and state CPA societies have jointly delivered to all U.S. Senators and Representatives copies of the videoWhat’s at Stake? A CPA’s Insights into the Federal Government’s Finances. The first videos were delivered by AICPA members when they visited Capitol Hill offices in May during the AICPA Spring Council meeting.

AICPA Chairman Gregory J. Anton, CPA, CGMA narrates the video, offering a non-partisan and clear analysis into why reading and understanding the U.S. government’s financial statements prepared by the U.S. Department of the Treasury offers Americans better insight into their government’s financial future than does the more commonly discussed annual federal budget.

“The budget describes the top target for government spending each year,” Anton said. “The financial statements provide a multi-year look, taking all of the federal government’s existing obligations into account. As a result, the financial statements provide a much more complete – and sobering – analysis.”

Anton said, “The continuing and growing mismatch between the federal government’s long-term spending obligations and projected revenues is probably one of the most important and toughest issues for taxpayers to understand. The video explains the mismatch in nontechnical language that clearly describes the magnitude of the problem. Knowing where our nation’s revenues come from, where the money is obligated to be spent, and how much it costs to service its debts gives very important insights into how we can reset our economic picture.”

The CPA profession calls on both policymakers and the public to engage in a national dialogue to improve our country’s fiscal health.

To watch the video and explore the supporting resources available, including materials that can be used by CPAs in their communities to start a dialogue, visit the What’s at Stake? A CPA’s Insights into the Federal Government’s Financespage on the AICPA website.